SHANGHAI, Jan 17 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar rose against the euro as the market grew concerned about economic growth in the eurozone. 

European Central Bank President Mario Draghi said that recent economic developments have been weaker than expected and further monetary stimulus was needed.

Economic activity expanded in most of the US, with eight of 12 Federal Reserve districts reporting modest-to-moderate growth, according to the latest release of US Fed's Beige Book on economic conditions, and this supported the greenback. 

Base metals closed mixed as LME zinc led the increase and rose 2%, copper grew over 1%, lead jumped 0.43%, nickel went flat, while tin lost 0.7%, and aluminium lost 0.54%. SHFE zinc gained over 1%, lead increased 0.51%, copper, aluminium, and nickel nudged up, while tin closed 0.54% lower. 

Consumer prices in Germany rose nearly 2% on an annual average last year, but fell sharply in the final month of 2018, the German Federal Statistical Office said Wednesday.

The consumer price index (CPI) measured according to EU-harmonised standards, or HICP, for December gained 0.3% on the month and 1.7% on the year, with provisional CPI figures verified at 0.1% on the month and 1.7% on the year.

Prices for US imports declined 1% in December, the Bureau of Labor Statistics said, after a drop of 1.9% in November. 

The monthly decline entirely reflected lower oil prices. The cost of imported petroleum fell 11.6% in December after falling 16% the prior month. Meanwhile, import prices outside of petroleum rose 0.3%, the largest monthly gain since February.

The US crude oil stocks fell more than expected last week, while gasoline and distillate inventories rose more than forecast, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 2.7 million barrels in the week to January 11, compared with expectations for a decrease of 1.3 million barrels. 

Day ahead

Economic data slated for release today include the eurozone CPI for December, and the US weekly unemployment claims.